29 Aug African Online Payment: Developing Market Payment Methods Driving Economies

This is the most exciting time for payments globally and particularly in emerging markets like Africa.  Banks are the old battleguards and now laggards in the mobile and online payments ecosystem which is driven by consumers and mobile.  Technology is pioneering a new way of paying and getting paid which transcends national boundaries in a global worldwide ecosystem that brings consumers and commerce from all corners of the globe together.

The developed market for online payments is highly competitive and time to market for fintech developments is faster than ever before.  The product lifecycles are becoming shorter and payback is becoming less and less profitable.  Most of these developments in developed markets are refinements and not much in the way of disruption of the online payments space.  

The case for African developing word of online and mobile payments is quite different.   Innovation is changing the game and the simplicity of low tech solutions and fast track implementation is bringing millions of consumers into the net and profitably for telcos and payment sector participants.

Economic growth in Africa is being fuelled by the fast track pace of fintech in the guise of mobile payments like M-Pesa, Airtel Money and Paga.  This has been as significant contributor to Africa being the second fastest growing continent in the world.

There are more mobile money accounts than bank accounts in a number of African countries.  Innovation in the payments space can largely be called financial inclusion which is a development priority for the region.  Mobile payments like M-Pesa in Kenya are linking consumers to multinational merchants via African Payment Solutions online payment gateway.  A single integration to African Payment Solutions gives global merchants access to consumers all over Africa who can buy and pay in their own local country, currency and mobile payment method.

M-Pesa is conclusively the most successful mobile payment method in the world with 20m of Kenya’s 40m population able to buy and pay with M-Pesa.  A simple integration to African Payment Solutions means that multinationals can get paid with M-Pesa online mobile payment on their eCommerce and mCommerce websites by Kenyan consumers.

Our thanks to http://www.bobsguide.com/guide/news/2015/Sep/11/africa-a-case-study-in-problem-solving-payments-innovation.html for their content inspiration